Indicative Fees
Our fees are calculated as a base fee plus a percentage of the Security Sum held. As the application is prepared online the total fee will be calculated and shown on the “Security” page of the account. Please note that this is an indication only and that each application is considered individually. The Offer we submit will show the actual fee payable.
In some, more complicated, cases additional fees may be payable in accordance with the table below. These may not be apparent until we start our Know Your Customer Due Diligence (KYCDD) process.
Terms in bold face are defined in our Standard Terms of Business.
February 2024
| Fees (excluding VAT) | UK Resident Individuals and UK Registered Companies | Overseas Entities (OE) and Individuals |
| Base Fee | £150.00 | £300.00 |
| plus percentage of Security Sum | 1.5% | 2.5% |
If the PGS is unable to satisfy the Know Your Customer (KYC) requirements set out in the Offer letter (or subsequently requested) or requests the return of the Security Sum for any reason after it has been transferred to us our fee is not refundable. If the fee has not been paid at that time it will be deducted from the Security Sum and the balance returned to the PGS.
If the full fee has not been paid when the Security Sum is transferred it will be deducted from the Security Sum. The Security Sum held is, therefore, reduced by the amount of the fee until it has been paid.
The fee includes release of the Security Sum in full in a single payment to the PGS.
Additional fees (excluding VAT):
| Service | UK Resident Individuals and UK Registered Companies | Overseas Entities (OE) or Individuals |
| Reissuing Offer and Contract Schedule | £150.00 | £300.00 |
| Partial release of the Security Sum to the PGS | £150.00 | £300.00 |
| Each additional entity in the ownership structure of a BO, PGS, or Third Party company | £150.00 | £300.00 |
| Change of surveyor or other material party | £150.00 | £300.00 |
| Third Party payment and interim payments to the Main Contractor under a building contract | £150.00 | £300.00 |
| Change of PGS's bank account | £150.00 | £300.00 |
| Return of funds paid from wrong account | £150.00 | £300.00 |
| Enhanced Due Diligence (EDD) for individuals | n/a | £2,250.00 |
| EDD for corporate entities | n/a | £3,250.00 |
| VAT will be added at prevailing rate, | currently 20% |
Where payment is required to a Third Party with a complicated ownership structure, accumulated KYC fees may be substantial, particularly in the case of an OE or individual requiring enhanced due diligence (EDD). Such fees will be deducted from the Security Sum and the parties may need to take this into account when agreeing the amount of security to be held.
